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Ascott acquires hotel on New York’s Fifth Avenue for $68 mil

Property

Ascott acquires hotel on New York’s Fifth Avenue for $68 mil

PC Lee Published on Fri, May 05, 2017 / 7:57 AM GMT+8

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SINGAPORE (May 5): The Ascott Limited, CapitaLand’s wholly-owned serviced residence business unit, has acquired a prime property on New York’s Fifth Avenue.

Ascott will also invest a total of close to US$50 million ($68 million) in the property.

The operating 125-unit Hotel Central Fifth Avenue New York will undergo renovation in phases to prepare for its rebranding to Citadines Fifth Avenue New York in 2018.

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